Wednesday, January 30, 2013

U.S. Debt Headed Toward 200% of GDP Even After Fiscal Cliff Crap Sandwich

via Weaselzippers;
U.S. Debt Headed Toward 200% of GDP Even After Fiscal Cliff Deal

The crazy thing is, Obama couldn’t care less.
Via The Hill:
The nation’s long-term fiscal outlook hasn’t significantly improved following the recent agreement between Congress and the White House over tax and spending issues, according to a new analysis.
The “fiscal cliff” deal combined with the debt-limit agreement of August 2011 only slightly delays the United States reaching debt-to-gross domestic product levels that would damage the economy and risk another fiscal crisis, according to the a report from the Peter G. Peterson Foundation released on Tuesday.
The agreement “may have prevented the immediate threats that the fiscal cliff posed to our fragile economic recovery, but we haven’t remotely fixed the nation’s debt problem,” said Michael A. Peterson, president and COO of the Peterson Foundation.
“The primary goal of any sustainable fiscal policy is to stabilize the debt as a share of the economy and put it on a downward path, and yet our nation is still heading toward debt levels of 200 percent of GDP and beyond,” he said.
The report concludes that the recent round of deficit-reduction measures won’t make major improvements because it fails to address most of the major contributors to the debt and deficit, including rapidly rising healthcare costs.
The analysis suggests that lawmakers take action quickly to ensure that the nation is on a sustainable fiscal path.
Thank you Zip, The Hill, and Ms Needham.

And just exactly Which, . . .  Violence, Disability, Disease, and Death Peddling Entitlement's Funding needs to be cut off?

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